The Ford Motor Company (F) has signaled that its hybrid pick-up truck Maverick is oversold. According to Reuters, the company has said that it will stop accepting new orders for the 2022 Maverick after January 27. The company will resume taking orders for 2023 Maverick in summer.
Shares of the global automaker closed down 1.3% at $20.39 on January 24, amidst a broader market sell-off on concerns of rising interest rates. Over the past year, Ford stock has gained 85.5%.
Hybrid Pick-Up Maverick
Ford has claimed that it has received overwhelming demand for both hybrid and EcoBoost versions of its Maverick. The low-cost pick-up was launched in June last year with the base model costing only $20,000. Maverick is inbuilt with a gasoline-electric hybrid powertrain, which makes the pick-up reasonably priced.
The pandemic-triggered global chip shortage has compelled automakers worldwide to limit vehicle production. In Ford’s case, the automaker wants to focus on meeting existing orders, as demand for the hybrid truck witnessed a huge surge in demand. Thus, Ford halted the booking of new retail orders of Maverick.
However, Ford did mention that consumers can continue to purchase their favorite pick-up Maverick from local Ford dealers till stocks last.
Dean Stoneley, general manager of Ford trucks said in an interview, “We didn’t want to take more orders than we could build… We’re getting customers who would have perhaps bought a used car and are now buying the Maverick because it is so affordable.”
The Wall Street community has a Moderate Buy consensus rating on the Ford stock based on 8 Buys, 7 Holds, and 3 Sells. The average Ford price target of $22.94 implies 15.3% upside potential to current levels.
Ford makes it to TipRanks’ list of trending stocks to watch today. Similarly, TipRanks’ Stock Investors tool shows that investor sentiment is currently Very Positive on Ford, with 5.1% of portfolios tracked by TipRanks increasing their exposure to Ford stock over the past 30 days.
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